1151.056 – ADJUSTMENT OF AMOUNT PAYABLE IF AGE OF INSURED
Texas Insurance Code § 1151.056
Summary
This law mandates that if an insured person's age is incorrectly stated in an industrial life insurance policy, the payout will be adjusted based on the correct age. This ensures that the insurance amount reflects what the premiums would have purchased had the age been accurate.
Adjusts payout based on correct age if misstated.
Applies to industrial life insurance policies.
Ensures fairness in premium and coverage alignment.
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In simple terms: Learn about Texas's ADJUSTMENT OF AMOUNT PAYABLE IF AGE OF INSURED law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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